A growing portfolio and plans for its busiest drilling year yet have prompted a growth spurt at ambitious Aberdeen oil and gas explorer Faroe Petroleum.
The AIM-listed firm has a long-term goal of becoming big enough to join the FTSE 100.
It is increasing its workforce and plans to open a London office as it gears up for more than £150million of investment across the Norwegian and UK continental shelves.
The majority of the cash, from existing cash flow and cash balances, is to be spent on five exploration wells – all but one of which are off Norway – and possibly a sixth.
But while the firm’s focus will remain on Norway, it is also hoping to explore more off the UK, said chief executive Graham Stewart.
To help it, it has taken on Ian Wilson as UK exploration manager, who has worked at BP, Enterprise Oil, Kerr-McGee and Serica Energy.
It has also taken on two other senior staff, as it has built its portfolio, with production and licences, including operated licences.
Paul Willcocks has joined as business development manager. Mr Willcocks advised on BP’s sale of the Forties Field to Apache in 2003 and was previously at Standard Chartered Bank as managing director in oil and gas mergers and acquisitions.
Bjorn Bernsten, who has worked at Amoco, Amerada Hess, Endeavour and Det Norske, has been taken on as Norway asset manager.
By next month, the additions take staffing numbers up 42 – compared to 30 last year – with 16 in their Aberdeen headquarters.
Mr Stewart said: “We want to get into the main stock market within the next year or so and go in the FTSE 250. Maybe in time we could be a Scottish FTSE 100.
“The ambition is there to do that. We expect to be a significant producer of oil and gas but most importantly making lots of discoveries.
“This year will be our best year ever in terms of drilling. There are some really good prospects.
“We are planning five a year and we have got enough in our existing portfolio to provide that already and it is likely we will exceed that. But they have to be good.
“We also believe the UK has got a lot more to offer and we want to put some real effort into that. We are hoping the (UK) Government will show some interest in helping UK exploration.”
The firm currently has 47 licences on its books and continues to seek more, having recently won seven in the latest Norwegian offshore licensing round, three of which it is operator of.
Mr Stewart said the firm had strong cash flow from production, with 6-7,000 barrels of oil equivalent of production per day estimated for 2012.
It would be making the most of tax breaks in Norway for explorers, which will make exploring on the Norwegian continental shelf significantly cheaper than in the UK.
The firm is currently involved in the drilling of two wells, both offshore Norway – T-Rex, operated by Maersk using the Transocean Winner, and Kalvklumpen, operated by Det Norske using the Songa Delta rig.
The other three planned are North Uist, Clapton and Cooper with the possibility Rodriguez/Santana would be drilled too – the largest potential target of the year.